Bitcoin Approaching a 'Breakout or a Breakdown,' Says Civic CEO

January 10, 2019

By Michael Teich

Bitcoin's rebound over the $4,000 mark was short-lived, tumbling on Thursday below the $4,000 price level for the first time since Jan. 6.

"I think it is a good chance we are going to retest 3,000 as a low and there is a good chance it will probably break through that ー if it hits that low," said Civic CEO Vinny Lingham in an interview with Cheddar. "The market is definitely trying to find a bottom, and I don't think we've found one yet."

Lingham, whose company specializes in identity protection using blockchain, expects the cryptocurrency to trade in a tight range before making an explosive move higher or lower.

"The reality is, it will probably trade sideways between $3 -$5,000 for another month or two while it's trying to find which way to go and when it finds direction it will be a breakout or a breakdown."

With Thursday's selloff, Bitcoin is giving up its gains for the month of January.